LIMA — The Lima metropolitan area ranks seventh in the nation as one of the most affordable small cities for housing, according to a report from CNN Money.
Lima is one of three Ohio cities to crack CNN Money’s top 10 list, trailing Springfield, which is ranked second, and ahead of Mansfield, which is ranked 10th. Two Michigan cities, Bay City and Monroe, also ranked in the top 10, with Indiana only having one city on the list, Kokomo, Ind., but the community is ranked as the most affordable city in the United States.
Lima Mayor Dave Berger welcomed the good news and it “should be celebrated.”
“I think what we really have here is a very low cost of living and as a result, people of modest means can live reasonably well as well as obviously well-to-do people,” Berger said. “I noticed others on the list and those are all good communities, and it is good to be among them.
“I think what we have in our community is a general economic stability with a reasonable growth rate taking place in business and industry, and that is a good thing,” the mayor said. “Obviously, this is quite a change from a number of years ago when everything was in meltdown and panic in the marketplace.”
The rankings were based on median home price, median income and percentage of homes sold that are listed as affordable. CNN Money compiled date from the Housing Opportunity Index from the National Association of Home Builders and Wells Fargo to determine the percentage of homes sold that are considered affordable at median sales price for median income families in each respective metro area during the fourth quarter ending Dec. 31, 2013.
Lima-area homes sold that are affordable stands at 92.5 percent, with a median home price at $85,000 and a median income at $54,200.
Kokomo, Ind.-area homes sold that are affordable stands at 96.3 percent, with a median home price at $85,000 and a median income of $60,100.
Allen County Commissioner Cory Noonan said the ranking speaks well of the region, with the Lima metropolitan area consisting entirely of Allen County.
“Obviously anytime you can put a community in Allen County, especially Lima, in a light like this it proves to be very complimentary of the city of Lima and the metropolitan area,” Noonan said. “You couple this with the story in Forbes about the Lima Ford plant producing the engines to go into the new F-150s and both shine a great light on this community. There are great people, great employment opportunities, great educational opportunities here and to have publicity like this it is just great.”